Daily News | No ‘rubber-stamp’: Judge orders SEC to try to reach a settlement with Par Funding owners
Brother of Par Funding owner says he raised millions to pay lawyers in long-running SEC fight
Whatever the judge sets aside will be used to help fill “a giant pot that’s to be assembled” so receiver Ryan Stumphauzer “can write 1,200 checks,” said James Miller Kaplan, a lawyer for the defense. Last year Par owners agreed not to dispute the SEC’s allegations; since then, the two sides have been arguing over how much they should have to pay. The SEC is pursuing its civil lawsuit in Florida, where Par moved its headquarters in 2017, though Par kept offices in Philadelphia.Reputed mob associate pleads guilty to threatening violence as an ‘enforcer’ for Philly-based business lender
She cited a history of the Par owners “lying” to regulators and investors and said SEC leaders believed Par’s offenses were more severe than those of a Florida company accused of a “Ponzi scheme” that was ordered in 2019 to pay a $100 million civil penalty and repay millions in “ill-gotten gains” and interest.“I cannot rubber-stamp this,” he added.
Defense lawyer Kaplan said the judge’s job, in the end, is straightforward: “We gave you buckets of deductions” — payments the defense says were legitimate business expenses that the Par owners should not be required to reimburse to the SEC for investors. “You may choose some, reject others.”
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